Mark Biddiss, who started a social media campaign to get Ding Dong The Witch Is Dead to number one in the charts, said buying the song was "a very cathartic experience for a lot of people who feel that for many years they haven't been listened to".
He was joined on ITV's Daybreak by former Conservative MP Jonathan Aitken who said the song, which is on course for a place in the top five in Sunday's Offical Chart, was a "pretty feeble form of protest".
Director General Tony Hall is quoted as saying that while he thinks the campaign to make the song top the charts is "rather tasteless," the choice of whether to play the song on air is for news editors to make.
Supporters of Margaret Thatcher, including former Conservative treasurer Lord McAlpine, have expressed outrage that the possibility is even being considered, saying it is a matter of taste.
FW de Klerk, the last president of apartheid South Africa, will be attending the funeral of Baroness Thatcher, as a guest of the Thatcher family, a spokesman for the FW de Klerk foundation has said.
Mr de Klerk, who ordered the release of Mandela and agreed to negotiations that ended apartheid, earlier paid tribute to Lady Thatcher "not only as one of Britain's greatest Prime Ministers but also as a leader whose policies and approach had a significant impact on politics throughout the world".
"From my first meeting with her in London after my election as leader of the National Party in 1989 and throughout the rest of her tenure as Prime Minister, she gave strong and valued...
"Support to me and to all other leaders who were working for a peaceful, prosperous, and constitutional future for South Africa," he said in a statement.
"We met in the Cape and in London many times after her retirement from office - and before her stroke in 2002. I am honoured to have had Margaret Thatcher as a friend."
Liberal Democrat leader Nick Clegg paid tribute to Thatcher's resoluteness, saying she was a remarkable politician.
"Her memory will no doubt continue to divide opinion and stir deep emotion, but as we as a nation say farewell to a figure who loomed so large, one thing is for sure. The memory of her will continue undimmed, strong and clear for years to come."